Fox News, is all over this, of course:

Beleagured GOP Chairman Michael Steele on Friday dropped his bid stay atop the party for another two years after falling further behind top challenger Reince Priebus on following several rounds of voting.

Steele, whose tenure has been marked by controversy and embarrassment, realized he was fighting a losing battle. Now he is urging supporters to vote for Maria Cino.

Priebus, the Wisconsin Republican Party chairman, won the fourth round with 58 votes. Maria Cino moved into second place with 29. Steele and Ann Wagner both got 28 votes followed by Saul Anuzis with 24.

Ballots are being cast by 168 committee members. Eighty-five votes are needed for victory.

Ah, Michael, we'll miss ye, laddie. You were always good for the entertainment.

Video will be up shortly.